4 Step Guide to Refinancing Your Home Loan
1. Consider your options
Sometimes refinancing your home loan is the best option to help you save money in the longer term. You may want to use the equity in your home for renovation or investment purposes. Or you may want to refinance an existing loan if it no longer suits your needs or you’re paying too much for it.
Before you decide to refinance, it’s important to look at the costs. We can provide you with an estimate of repayments and discuss options to help you save money. Call one of our friendly Home Loan Consultants on 1300 654 822 to discuss your options.
2. Do your calculations
The amount you can borrow will depend on your income and living expenses, your credit history, and your current savings.
Use our calculators to make informed decisions about borrowing money and paying off your loan.
There will be fees for discharging the previous mortgage and releasing security over the property, as well as set up costs for the new loan.
3. Protect your home
Refinancing is a good opportunity to ensure you have adequate insurance coverage. Use our Home Replacement Calculator to work out how much cover you need.
Victoria Teachers Credit Union is an agent for two of Australia's leading Insurance companies: Allianz and CGU Insurance. To obtain a quote call our friendly Insurance Consultants on 1300 654 166, or obtain an online quote for Allianz Insurance.
4. Choose your loan
Victoria Teachers Credit Union offers flexible Home Loans for many purposes. View our Home Loans.
We also run informative seminars for Members who are buying their first home.